HOME BUYING _ SELLING GUIDE TABLE OF CONTENTS

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HOME BUYING _ SELLING GUIDE TABLE OF CONTENTS Powered By Docstoc
					                 HOME BUYING & SELLING GUIDE
When buying and selling property, there are many areas of the home selling
process that buyers and sellers should be aware of. After conducting thousands
of real estate closings for banks, mortgage lenders, brokers, sellers and buyers,
Michael J. Richards, Esq., REALTOR® has assembled a Home Buying & Selling
Guide which is included as a FREE bonus with the purchase of your MLS listing.
This Guide is also available for $249.00 for those who wish to purchase the
Guide without signing up for an MLS listing. In addition, The U.S. Department of
Housing and Urban Development Office of Housing (“HUD”) - Federal Housing
Administration HUD-398-H(4) has assembled a “Buying Your Home Guide” that
includes Settlement Costs and Helpful Information which is free information and
will be forwarded in addition to our Home Selling Guide. You will find the table of
contents for both of these guides below.


                                 TABLE OF CONTENTS
                                  Michael J. Richards, Esq., REALTOR®

About Us . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2

Contact Us . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3

MLS Entry-Only Listings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4

Change My Listing / Add Open House . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

Mortgage Financing – Commonwealth Mortgage Services, Inc . . . . . . . . . . . . . .5

Money Back Guarantee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6

PreClosing Walkthrough . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6

Home Inspection Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7-8

Septic System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

Lead Paint . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9

Urea Formaldehyde Foam Insulation (UFFI) . . . . . . . . . . . . . . . . . . . . . . . . . . . .10

Radon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10
Smoke Detectors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11-12

Carbon Monoxide (“Nicole’s Law”). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13

Underground Fuel Storage Tanks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14

Wetlands/Orders of Condition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15

The Homestead Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15-16

Seller’s Closing Checklist . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17-19

Buyer’s Closing Checklist . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19-20

The Role of the Seller’s Attorney . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

The Role of the Buyer’s Attorney . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

Mortgage Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23-30

Home Inspector’s Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31-47

Disclaimer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48




                            TABLE OF CONTENTS
                                  HUD - Buying Your Home Guide

I.        Introduction

II.        Buying & Financing A Home

          A.         Role of the Real Estate Broker
          B.         Selecting an Attorney

          C.         Terms of the Agreement of Sale
          D.         Shopping For a Loan

          E.         Selecting a Settlement Agent
          F.         Securing Title Services

          G.         RESPA Disclosures
          H.         Processing Your Loan Application
          I.         RESPA Protection Against Illegal Referral Fees
       J.     Your Right to File Complaints



III.    Your Settlement Costs

       A.     Specific Settlement Costs
       B.     Calculating the Amount You Need At Settlement
       C.     Adjustments To Costs Shared By Buyer and Seller

       D.     HUD-1 Settlement Statement


IV.     Appendix

				
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